Report of Foreign Issuer (6-k)
30 November 2016 - 11:01PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________
FORM 6-K
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REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO
RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Month of June 2015
Commission File Number: 333-196065
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PARNELL PHARMACEUTICALS HOLDINGS LTD
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Unit 4, Century Estate
476 Gardeners Road
Alexandria 2015 NSW
Australia
(Address of principal executive offices)
__________________________
Indicate by check mark whether the registrant files or will file
annual reports under cover of Form 20-F or Form 40-F.
Form 20-F
ý
Form 40-F
¨
Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
¨
Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
¨
PARNELL PHARMACEUTICALS HOLDINGS LTD
Form 6-K
Parnell Pharmaceuticals Holdings Ltd today announced that it
has entered into a $US20 million, senior secured, non-dilutive, term loan agreement with SWK Holdings. The Company intends to use
the loan proceeds to repay the previously held $11 million term loan with MidCap Financial and to fund R&D programs, commercialization
of its Companion Animal products in the US and general company purposes.
The Loan has a 48-month term, being interest only for the first
24 months, payable quarterly in arrears. Thereafter the loan will amortize on straight-line basis each quarter for the remaining
8-quarters (24 months). The interest rate on the term loan is fixed at 13%. The Term Loan has no warrant coverage and is secured
by substantially all of the Company’s assets.
The description in this report of the credit agreement does
not purport to be complete and is qualified in its entirety by reference to the full text of the credit agreement. A copy of the
credit agreement is attached to this report as Exhibit 10.1 and is incorporated herein by reference
On November 22, 2016, the Company issued a press release on
the subject of the term loan. The press release is attached hereto as Exhibit 99.1.
Exhibit No.
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Description
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10.1
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Credit Agreement, dated as of November 22, 2016, by and among Parnell, Inc., as Borrower, Parnell
Pharmaceuticals Holdings Ltd and certain of its subsidiaries, as Guarantors, the Lenders party thereto, as Lenders, and SWK Funding
LLC, as Agent.
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99.1
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Press Release dated as of November 22, 2016.
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†
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Confidential treatment requested. Confidential materials omitted and filed separately with the Securities and Exchange Commission.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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Parnell Pharmaceuticals Holdings Ltd
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By:
/s/ Robert
Joseph
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Name: Robert Joseph
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Title: President and CEO
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Date: November 30, 2016
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